European court cuts Sasol wax cartel fine

9:55 AM MDT | July 14, 2014 | Ian Young

The European General Court (Luxembourg) has more than halved the €318.2-million ($433.5 million) fine imposed on Sasol in 2008 for participating in a price-fixing cartel for paraffin wax. The fine was cut to €150 million after judges decided that the European Commission wrongly blamed Sasol for the behavior of wax company Schumann. Sasol bought a stake in Schumann in 1995 and acquired the rest of the company in 2002. The commission's investigation of the price-fixing cartel covered 1992–2005. ExxonMobil has also had its fine reduced to €62.7...